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France To Punish Companies That Pay Too Much

From CNN’s Money.com:

France’s Hollande wants 75% payroll tax on rich

By Charles Riley | March 29, 2013

HONG KONG (CNNMoney) — If at first you don’t succeed in taxing the rich, try, try again.

French President Francois Hollande made changes to his failed proposal for a 75% top tax rate on Thursday, shifting the burden of payment from individuals to businesses that pay salaries over 1 million euros.

You have to hand it to them (your money that is). The socialists never give up.

Hollande, during last year’s presidential campaign, proposed a 75% tax rate on individual income above 1 million euros. The controversial tax was rejected by France’s judiciary.

Hollande made his new payroll tax proposal on big salaries during a late-night television broadcast. "The Constitutional Council made a decision," Hollande said. "I respect it. So, I’m going to take a different path."

Hollande said the measure is needed to ensure transparency at large corporations — the only businesses that can afford to pay employees so generously…

Oh, this is about "transparency." Not about helping the economy or even punishing the rich ‘fairness.’

Hollande’s popularity has fallen dramatically in recent months, and the embattled president used the broadcast Thursday to press for more reforms.

That is, he needs to ratchet up the ‘class warfare.’

The French economy, second only in size to Germany in the 17-nation eurozone, has stagnated.

Markit economist Jack Kennedy said last month that France’s performance in the first quarter of 2013 was shaping up to be the worst since 2009.

"The broad-based weakness across manufacturing and services leaves scant room for optimism, with a range of indicators from new orders, backlogs, employment and output prices all residing at depressed levels," he said.

Germany, by contrast, saw a further improvement in business activity in February for a third month running, although the pace of expansion slowed slightly.

Markit said the gap in performance between the eurozone’s leading economies was at its widest since surveys began in 1998. France was beginning to look like it belonged to the group of economies on the eurozone periphery, rather than the core, it said.

Gee, why would that be? (Hint: Ms. Hollande’s economic policies are just beginning to take hold.

By the way, anyone who thinks that this can’t happen here needs to go back and read some of Senator Elizabeth Warren’s statements on corporate pay. And others of her tribe.

This article was posted by Steve on Friday, March 29th, 2013. Comments are currently closed.

2 Responses to “France To Punish Companies That Pay Too Much”

  1. Rusty Shackleford says:

    Steve said: “The socialists never give up. “

    No. They don’t.

    But to me it’s most reminiscent of a child in the store who wants a toy and the parent says no.

    On a humorous level, Bill Cosby tells a great story about going shopping with mom vs. with dad.

    Dad knows how to say no. There are no more dads around. This, too, is part of the culture we’ve acquired through national socialism. Most frequently seen in the elimination of dodge-ball at certain schools and making it a federal crime to play in the NFL.

    Rush calls it “the wussification of America” and it’s very real.

    Activist: A person who whines and complains and kills their parents and then whines and complains that they’re now an orphan.

    The inability to anticipate results and consequences is staggeringly obvious when a national socialist is involved.

  2. GetBackJack says:

    Curious that Brad Pitt and Angelina Jolie should buy Chateau Miraval in southern France. Because if there’s one top stars know how to do is protect the money


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